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Sirius Real Estate Ltd said on Monday it had acquired two business parks in Germany for €40 million following its recent equity raise. The London and Johannesburg-listed property investor said one business part is located in Koln, Cologne, and the other in Goppingen. The acquisitions have been made using the proceeds of a £147 million equity raise late in November. Back then, Sirius had said it had identified a pipeline of eight attractive acquisition opportunities that met its criteria. The German acquisitions come after the company concluded three deals in north London at the end of last year for €33.5 million. On Monday, Sirius said it had bought the business park in Koln for €20.0 million. This park generates total rental income of €1.67 million and an annualised net operating income of €1.56 million, representing a gross yield of 8.4%. In Goppingen, a city in the state of Baden-Wurttemberg, south east of Stuttgart in southern Germany, Sirius said it acquired a multi-tenanted business park for €19.8 million. The park generates total rental income of €1.78 million and an annualised net operating income of €1.47 million, reflecting a gross yield of 9.0%. ‘These acquisitions provide the company with strong day one cash flow from a stable, diversified tenant base and align well with our strategy of curating a range of flexible out-of-town light industrial products that we expect to appeal to the local market,’ Sirius Chief Executive Officer Andrew Coombs said. The chief executive said the company was making good progress on its pipeline of further acquisitions. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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